Business

India's exports during July rose by 14.32 per cent to $25.77 billion, from $22.54 billion during the corresponding month of last year, but with imports rising at more than double the pace, the trade deficit for the month widened to over $18 billion, official data showed on Tuesday.
According to data released by the Ministry of Commerce and Industry, engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth during the month under review.

Reliance Jio will open its registrations for the Jio GigaFiber tomorrow, August 15 or Independence Day. Jio’s fiber-to-the-home (FTTH) broadband service is expected to provide internet data at a lightning speed of 1GBPS and tariff rates starting at Rs 500. It won't be a surprise if Reliance Jio brings this service at 50 percent discounted price to counter its rivals.

Prime Minister Narendra Modi is likely to announce the launch of the Ayushman Bharat-National Health Protection Scheme (AB-NHPS) on a pilot basis in some states tomorrow on the occasion of Independence Day, with the full-scale roll-out of his pet project expected in September end, sources said.
The ambitious Ayushman Bharat-National Health Protection Mission (AB-NHPM) aims to provide a coverage of Rs 5 lakh per family annually, benefiting more than 10 crore poor families.
The scheme will target poor, deprived rural families and identified occupational category of urban workers’ families, 8.03 crore in rural and 2.33 crore in urban areas, as per the latest SECC data, and will cover around 50 crore people.

Reliance Jio's new phone "JioPhone 2" would be available for online purchase at a price of Rs 2,999 in a flash sale on jio.com on Thursday, August 16, sources said on Tuesday.
Accordingly, the flash sale for the new model which features a "QWERTY" keypad would start at 12 p.m. on Thursday.

Attributing the fall in rupee value against the US dollar to "external factors", Economic Affairs Secretary Subhash Chandra Garg said today that there is nothing to worry about as long as the depreciation is in line with other currencies.
The rupee crashed to record low of 70.09 during the day on global concerns over Turkey's economic woes which have impacted various emerging markets amid the US dollar gaining strength against other currencies. The US dollar ended marginally weak against the rupee at Rs. 69.89/90 per dollar but the pound sterling finished higher at Rs 89.21/23 at the close of the Interbank Foreign Exchange (forex) market here.

The banking sector was rattled again when hackers siphoned off a whopping Rs 94.42 crore from the Cosmos Cooperative Bank Ltd - the second oldest and second biggest cooperative bank in India - to foreign and domestic bank accounts, officials said on Tuesday.
Shockingly, the Cosmos Bank admitted that it was "cyber-attacked twice, first on Saturday and again on Monday" - with ATM withdrawals taking place in at least 28 countries, according to an FIR lodged by a senior official with Chaturshringi Police Station.
The police complaint said the first attack took place on August 11 between 3 p.m. and 10 p.m. and the second on August 13 around 11.30 a.m., affecting its headquarters on Ganeshkhind Road.

Reliance Jio's new phone "JioPhone 2" would be available for online purchase at a price of Rs 2,999 in a flash sale on jio.com on Thursday, August 16, sources said on Tuesday. Accordingly, the flash sale for the new model which features a "QWERTY" keypad would start at 12 p.m. on Thursday.

With the Rupee touching a new low of Rs 70 on Tuesday, it was time for Congress and Congress President Rahul Gandhi to launch a blistering attack on PM Narendra Modi a day before Independence Day. "Modiji finally managed to do something that we couldn't do in 70 years," tweeted Congress on its official handle with screenshot of the exchange value. After the party it was turn of Congress President Rahul Gandhi to take a swipe at PM Modi with a sarcastic tweet. "The Indian Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader's master class on economics in this video, where he explains why the Rupee is tanking," tweeted Rahul along with a 2012 video of PM Modi in which he is saying that Rupee is falling because of "corruption in UPA".

Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The US-based world's largest e-tailer Amazon invested an additional $400 million (Rs 2,700 crore) in two of its Indian subsidiaries, said business intelligence platform Paper.vc on Monday.
"Our tally of Amazon's total investment in its Indian subsidiaries, including this, is $3.6 billion (Rs 25,241 crore)," Paper.vc founder Vivek Durai